fraud

Watch out! Your next travel booking might turn out to be a fraud

SINGPORE (June 12): Cybercriminals are capitalising on consumers’ risky holiday booking habits for their favourite destinations, according to McAfee.

In its latest research into the riskiest holiday destinations, McAfee found that holiday hot spots Taiwan, London, Bali, Hong Kong and Japan generate the riskiest search results when people are on the hunt for holidays online.

Forgers are forcing a US$9 tril business into the digital age

(May 6): The US$9 trillion ($12.3 trillion) business of financing global trade needs to go digital, according to southeast Asia’s second-biggest lender.

Forgers have become so adept at faking documents used by banks that going paperless has become a necessity for the industry, said Ng Chuey Peng, managing director and head of global commodities finance at Singapore’s Oversea-Chinese Banking Corp, the region’s second-biggest bank by assets. Digitalisation will also make the financing process more efficient, she said.

Singapore bans former HSBC, UOB bankers on fraud, dishonesty

SINGAPORE (April 11): Singapore has meted out lengthy bans to convicted former HSBC Holdings Plc and United Overseas Bank Ltd. bankers for fraud and dishonest conduct.

Emeline Tang, a former HSBC employee, was banned from providing any capital markets and financial advisory services for 20 years, the Monetary Authority of Singapore said in a statement on Wednesday. Former UOB employee Nguyen Duy Minh was banned for 12 years and John Koh, previously at NTUC Income Insurance Co-operative Ltd., was barred for 10 years, from providing financial advisory services, the statement said.

No end in sight for crypto sell-off as Bitcoin approaches US$4,000

LONDON (Nov 21): Turmoil engulfed cryptocurrency markets again on Tuesday, with every major coin extending a rout that’s rocked confidence in the nascent asset class just as US regulators try to close in on alleged fraud.

Bitcoin fell as much as 13% to US$4,051 ($5,571), bringing this week’s decline to more than 25 percent. It traded at almost US$20,000 last December. The slide helped fuel a sell-off among rival tokens Ether, Litecoin and XRP, which pared an earlier loss that reached 17 percent.

Ex-billionaire Singh brothers found to have defrauded Fortis Healthcare

(Oct 18): India’s stock market regulator has determined the former owners of the nation’s second-largest hospital chain defrauded the company of 4 billion rupees ($74.9 million) and ordered that they return it.

PwC to pay FDIC US$625.3 million for failure to uncover fraud: US judge

(July 3): A federal judge on Monday said PricewaterhouseCoopers LLP must pay US$625.3 million ($855.3 million) in damages to the Federal Deposit Insurance Corp (FDIC) for failing to uncover fraud that led to one of the largest bank failures of the global financial crisis.

US District Judge Barbara Rothstein found it more likely than not that PwC’s negligence was the proximate cause of FDIC damages from the August 2009 demise of Montgomery, Alabama’s Colonial BancGroup Inc, once among the 25 largest US banks.

DISA helps US megastores counter fraud with anti-theft system

SINGAPORE (June 1): According to the US National Retail Federation, some 10% of goods sold last year, or US$350 billion ($470 billion) worth, were returned to stores. Many stores tend to accept returns without a receipt, and a few major ones give customers store credit in lieu of money back.

Unsurprisingly, this opens retailers to fraud, as people may be returning items that have been stolen in exchange for cash or store credit.

How Trump consultants exploited the Facebook data of millions

(Mar 26): As the upstart voter-profiling company Cambridge Analytica prepared to wade into the 2014 American midterm elections, it had a problem. The firm had secured a US$15 million investment from Robert Mercer, the wealthy Republican donor, and wooed his political adviser, Stephen K Bannon, with the promise of tools that could identify the personalities of American voters and influence their behaviour. But it did not have the data to make its new products work.

Sarine to sue overseas manufacturer for fraudulent misuse of Galaxy system

SINGAPORE (Jan 4): Sarine Technologies and its wholly-owned subsidiary, Galatea, are taking legal action against an unnamed manufacturer in Surat, India, for the deliberate under-reporting of rough stone weights and underpayment of amounts owed to Galatea while using the group’s proprietary Galaxy system.

3 obstacles faced by digital service providers in gaining consumer trust

SINGAPORE (Nov 13): Singapore is among the lowest-ranking when it comes to trusting digital services offered in its country, coming in only above Indonesia and on-par with Thailand.

This is according to the new Digital Trust Index, part of the Fraud Management Insights 2017 report authored by Experian and IDC.

The report covers 10 markets across Asia Pacific (APAC), namely: Australia, China, Hong Kong, India, Indonesia, Japan, New Zealand, Singapore, Thailand and Vietnam.

Be informed of the stories that matter